Pandox (PNDX) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 23% to MSEK 2,429 and NOI rose 29% to MSEK 1,619; comparable-portfolio growth in fixed currency was 4% for both.

• Cash earnings were MSEK 806, up 31% YoY; growth was 23% excluding preparatory financial costs in the comparable period.

• EPRA NRV reached SEK 242.22 per share, up 17.4% annualized after adding back the 2026 dividend; Dalata generated MSEK 357 of Q3 rental income.

Financial highlights

• EBITDA rose 30% to MSEK 1,561; profit before changes in value and cash earnings rose 31% to MSEK 845 and MSEK 806, respectively.

• Q3 profit was MSEK 1,021 versus MSEK 637, including MSEK 695 of derivative value gains and MSEK -226 of property value changes.

• 9M revenue increased 17% to MSEK 6,299; EBITDA rose 28% to MSEK 3,950 and cash earnings grew 21% to MSEK 1,817.

• 9M profit reached MSEK 1,880; cash earnings per share were SEK 9.34, up 18% excluding preparatory financial costs in the comparable period.

• 9M unrealized property value changes were MSEK -342, with positive yield effects of MSEK 176 and negative cash-flow effects of MSEK 518.

Outlook and guidance

• European hotel-market outlook remained positive, with forward bookings at or above prior-year levels in most markets; Norway was marginally lower.

• Q4 underlying cash earnings face a tough comparison, including MSEK 263 of extraordinary Dalata costs in Q4 2025, Dalata’s inclusion from 7 November 2025 and higher financing costs.

• Major renovations, including Scandic Grand Marina, Clayton Cardiff Lane and Clayton St Andrew Square, are expected to contribute gradually in 2027; DoubleTree by Hilton Brussels City is expected to contribute toward year-end.

• Dalata’s property/operations separation and operating-platform sale to Scandic are expected to conclude in Q4 2026; refinancing discussions point to lower credit margins and secured property loans.